ECONOMICS
COMPOUND INTEREST
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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How much money would you need to deposit today at 9% annual interest compounded monthly to have $12000 in the account after 6 years?
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$7006.08
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$7007.80
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$7007.08
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7007.08
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Explanation:
Detailed explanation-1: -You would need to deposit $7007.08 to have $12000 in 6 years.
Detailed explanation-2: -Expert-Verified Answer FV= 12000, r = 0.09, n = 12, and t = 6.
Detailed explanation-3: -If you deposit P4000 into an account paying 6% annual interest compounded quarterly, how much money will be in the account after 5 years? * After 5 years there will be P3875.
Detailed explanation-4: -Step-by-step explanation: 6% is written in the decimal form . Therefore Rs 4505.96 money will be in the account after 2 years .
There is 1 question to complete.